The European Commission has adopted a Delegated Regulation supplementing the MiFID II Directive in relation to  regulatory technical standards (RTS) for the ratio of unexecuted orders to transactions in order to prevent disorderly trading conditions. The Delegated Regulation, specifies the ratio of unexecuted orders to transactions, taking into account factors such as the value of unexecuted orders in relation to the value of executed transactions.   It lays down the obligation to calculate the ratio of unexecuted orders to transactions by trading venues and specifies the methodology to be used by trading venues to calculate an order-to-trade-ratio.  Council of the EU and the European Parliament must now consider the Delegated Regulation and if neither has objections it may enter into in January 2017.